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Wednesday, January 01, 2014

RBI eases norms for gold dore imports
December 31, 2013: The Reserve Bank of India, on Tuesday, partly eased restrictions on import of gold dore, by allowing refineries to import 15 per cent of their gross annual requirement in the first two months and the balance as per export performance.

“Refineries are allowed to import dore up to 15 per cent of their gross average viable quantity based on their licence entitlement in the first two months for making this available to the exporters on First in First out (FIFO) basis. Subsequent to this, the quantum of gold dore to be imported should be determined lot-wise on the basis of export performance,” the RBI said in a communications to banks.

In August, the RBI had imposed curbs on gold imports and linked it with exports. Accordingly, 20 per cent, of every lot of gold imported had to be exclusively made available for exports and the balance (80 per cent) for domestic use.

The government and the RBI have been receiving representations related to import of gold dore.

The RBI issued the instructions after taking into account the representations.

The central bank further said before the next import, not more than 80 per cent should be allowed to be sold domestically.

“The dore so imported shall be refined and shall be released based on FIFO basis following 20:80 principle,” the RBI said.

Amid widening current account deficit and sliding rupee, the RBI and the government had imposed curbs on gold imports.

Under FIFO methodology, the oldest entry, or bottom of the stack, is processed first.

Courtesy: The Hindu